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quickly. >> let's talk about that word, sequestration and there's a lot of concern about the defense cuts and the defense department, how to deal with it. leon panetta toning down the remarks saying that they would not necessarily require immediate action and could eventually mean furloughs down the road and looking at january and the cuts divided by ten years and 12 months, talking 50 billion, 60 billion in january. >> right. it's 110 billion for the year of 2013 in automatic spending cuts divided equally between defense and nondefense. on the nonentitlement or discretionary side of budget. if you look at that month by month and the point of panetta and many of the agencies can sort of fudge things for a few months, in most cases i don't think we'll see much impact of automatic spending cuts quickly. by the way, this has been somewhat underappreciated. in this small bore compromise that the president and many of the earlier interviewers talking about today. the one the president is pushing for, the sequester is pushed down the road. suspended. the automatic pay cuts as part of that deal
with the defense spending cuts and nothing else i mean s. we have got to make sure that we avoid taxes increases on the middle class at the very least and we can make sure that at this point we're not within a time frame that we can pass a major deal. the house and senate republicans already basically wasted so much time that prevented us from doing that. now we need to come together, avoid taxes increases, make sure we can extend unemployment insurance so we have people who are still looking for work that aren't left out in the cold and make sure the few other loose ends we can tie up so we can deal with this? a more major way are ability to happen. we have to try to avoid the biggest dive that we could take off the fiscal cliff. >> republicans are blaming democrats. you've heard the line, washington doesn't have a revenue problem, we have a spending problem. i want to play this from senator john thune and get your reaction. >> even if the president got everything he wanted, it generates -- next year alone, so the question is, what do we do for the other 358 days of the year? we have to do some
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